RICHARDSON, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Atria Richardson, a 90-unit independent living, assisted living and memory care community in Richardson, just north of Dallas. A publicly traded REIT sold the property. Originally constructed in 1999, the 62,000-square-foot community is located near the University of Texas-Dallas campus. Another publicly traded REIT and its Florida-based property manager acquired the community for an undisclosed price. Ben Firestone, Michael Segal, Joshua Salzman and Alex Florea of Blueprint brokered the transaction.
GRAND JUNCTION, COLO. — Christian Living Communities (CLC), a Denver-based nonprofit owner-operator, has purchased Cappella of Grand Junction, an assisted living and memory care community in Grand Junction. Located just east of the Utah border, the community features 66 units in a 52,000-square-foot building. Cappella Living Solutions, the management and consulting division of Christian Living Communities, has operated the community since construction began in 2016 through a development partnership with Confluent Senior Living. CLC financed the acquisition with owner equity and tax-exempt bond financing. CLC now owns six senior living communities in Colorado and is responsible for the management of 20 additional communities across Colorado, Utah, Texas, Oklahoma, Ohio, Indiana and Missouri.
SEATTLE AND TOLEDO, OHIO — Merrill Gardens, a Seattle-based owner-operator, has formed a joint venture with ReNew, a Toledo-based REIT. The two companies will co-own 26 of the 28 seniors housing properties that ReNew is acquiring from New Senior Investment Group. In addition to owning a minority stake in the venture, Merrill Gardens will take over operations of the 26 communities. The two companies have worked together before on other joint ventures. An existing operating partner of ReNew will operate the final two communities in the portfolio, with ReNew taking a full ownership stake in those properties. The transaction brings Merrill Gardens’ total portfolio to 65 communities in 17 states. Of the 26 communities that will now be part of the Merrill Gardens portfolio, 15 are currently managed by Blue Harbor, the Portland-based management company that Merrill Gardens purchased in early November. Merrill Gardens also recently announced the addition of Tana Gall as president, replacing Dave Eskenazy who plans to retire early next year. Gall was the CEO at Blue Harbor for the past three years and she will now oversee the expanded Merrill Gardens portfolio. “This agreement provides an important chance for us to expand our footprint and diversify …
GOLDEN, COLO. — Scottsdale, Ariz.-based The Wolff Cos. has completed the disposition of Clear Creek Commons, an active adult apartment community located at 1027 Washington Ave. in downtown Golden. Colorado Springs-based Griffis/Blessing acquired the 55-plus active seniors housing property for $18.7 million. Built in 2003, Clear Creek Commons features 45 apartments in a mix of one- and two-bedroom layouts, averaging 821 square feet. Each apartment offers a washer/dryer, spacious closets and secured off-street parking, while select units feature a private balcony or patio and a wood-burning fireplace. Community amenities include a gourmet entertainment kitchen and dining room, a cardio/fitness center, media room and business center, a community gardening space, scheduled transportation, concierge services and bi-weekly housekeeping. Additionally, the property is home to Sassafras Restaurant and offers direct access to the Clear Creek hiking trails and Parfet Park. Dan Woodward, David Potarf, Matt Barnett and Jack Young of CBRE’s Denver office represented the seller and arranged acquisition financing for the buyer.
WACO, TEXAS — A partnership between Blake Management Group and LifeCare Properties has broken ground on The Blake at Waco, a seniors housing community in Central Texas. Upon completion, the property will feature 112 units and offer assisted living and memory care services. The project is part of a $225 million joint venture announced in 2018 between Blake, a regional operator, and LifeCare, a developer. An expected completion date for The Blake at Waco was not released.
WOODBURY, N.Y. — E.W. Howell Construction Group has completed Orchard Estate of Woodbury, an 89-unit assisted living and memory care community in Woodbury, a city on Long Island. Benchmark Senior Living is the developer and operator of the community. Orchard Estate of Woodbury is the second Benchmark project on Long Island, following Whisper Woods at Smithtown, which opened in 2018. E.W. Howell also served as general contractor on that project.
MANTECA, CALIF. — Capital One has provided a $7.7 million Fannie Mae loan for the acquisition of Almond Blossom Estates. The 139-unit, age-restricted, manufactured housing community is located in Manteca, a Central Valley city 75 miles east of San Francisco. The sponsor is a long-time Capital One and Fannie Mae customer. Damon Reed and Monica Schroeder of Capital One originated the transaction. The fixed-rate loan has a 12-year term with five years of interest-only payments followed by a 30-year amortization schedule.
HUNTSVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Lexington Center, a 40-unit assisted living facility in Huntsville, approximately 70 miles north of Houston. A local family owner-operator exiting the industry was the seller. An independent, Houston-based owner-operator bought the property for $3.4 million. The 35,686-square-foot community sits on 6.7 acres and was built in 2004. The Lexington Center’s occupancy rate was 83 percent at the time of sale. Matthew Alley of SLIB arranged the transaction.
PORTLAND, ORE. — Strategic Student & Senior Housing Trust Inc. (SSSHT), a public, non-traded REIT sponsored by SmartStop Asset Management, has completed a freestanding memory care expansion in Portland. The project extends the offerings at Courtyard at Mt. Tabor, which already offered independent living and assisted living. The expansion adds a 16,000-square-foot building and 23 units. The 7.1-acre community now offers 309 total units. Known as The Pavilion, the memory care project was 38 percent pre-leased before opening. “The ideal seniors housing model is a continuum-of-care campus serving private-pay, middle-income seniors that allows residents to age in-place,” says John Strockis, president and chief investment officer of SSSHT. “We maintain a resident-focused perspective and understand the growing need to provide quality memory care in our communities. Courtyard at Mt. Tabor Pavilion delivers additional units to help offset that demand.” R&H Construction built the project, which Ankrom Moisan Architects designed. Construction took approximately 12 months. The operator is Integral Senior Living.
NEW YORK CITY — Capital One Healthcare, a New York-based lender, has provided a $285 million bridge loan for the refinancing of a portfolio of 13 seniors housing communities owned by Prime Care Properties LLC. Specific names and locations of the properties involved in the financing were not disclosed. The properties total 1,081 assisted living, 301 memory care and 85 skilled nursing units across seven states. Sunrise Senior Living manages 11 of the facilities while Harbor Retirement Associates manages two. Prime Care has owned the facilities since they were built in the late 1990s.